Every work day, millions of people spend hours of their day in a vehicle. Whether you have a terrible commute like some of us in the Washington DC area or a smooth one, it constitutes an expense in time and money. Although maybe small, we can’t ignore the financial impact of the busines commute. Some individuals purposefully choose work that’s close to home. While that convenience isn’t available for everyone, there are some strategies that you can deploy to make sure that you are keeping commuting costs to a minimum. Are you ready to look for affordable alternatives, automobile money-saving tips and even a completely different way of thinking about your work? Here are ideas to gain back control of your commute budget.
Your car comes at a price
There is no point in denying it: Owning a car comes at a cost. On average, if you need to commute a long distance to work, you could quickly be spending over $500 on gas every month. At the end of the year, that’s $6,000 spent on commuting only. If you make $25 an hour and commute 2 hours daily, you’re basically losing $12,000 of productive hours. It could be impactful on your budget to look for a vehicle that might be more cost-effective both in terms of fuel consumption and overall cost. You also need to keep an attentive eye on repair costs. You could save a few hundreds dollars when you choose to perform some of the easy maintenance work yourself.
Is it a professional vehicle?
Do you only or primarily use your vehicle to get to work and back? If your role involves a lot of driving, especially to meet clients or to attend business events, you might be in a good position to ask for a business vehicle. Indeed, this might let you leverage your commuting costs with your employer. The car will also be insured directly by the company, meaning that your employer might be able to get a better deal than you with an insurance broker – professional insurance covers can be more advantageous. Otherwise, if you have to use your personal car, make sure your contract allows some compensation for your mileage. In addition, keep track of your trips so that you can deduct the mileage on your tax return.
Is public transport cheaper?
Unless you live in town, you can struggle to get to the office using public transport. Plus, when the commute is long, public transport may not be less expensive than driving your own vehicle even when you drive an old car. However, you might be able to come to an agreement with your employer, so that yearly transport passes can be partially or fully repaid by your company. If you can use the bus or the train to get to work without wasting too much time, take advantage of it.
Remote working options save time and money
More and more employees are asking for remote working options in an attempt to save both time and money. If you haven’t had this conversation with your manager, it might be worth presenting financial facts to them. Indeed, companies can save costs when their teams work remotely. Additionally, home-based workers register higher productivity levels than office-based ones.
In conclusion, you could save yourself a lot of money and worries by rethinking your business commute. Whether you choose a cost-effective vehicle or whether you can come to an arrangement with your employer, there are plenty of options to make your commute cheaper and more manageable.